GBP/CAD 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Sterling/Loonie cross will soon meet the pattern's resistance line, which is located at 2.0472. The pair will have to decide, whether to continue trading within the boundaries of the current pattern or to violate the mentioned supply. The first scenario will imply a decline back in the direction of 2.0291, namely the Aug 27-28 lows. This idea is supported by the majority of SWFX market participants, as 55% of them are holding short open positions. On the other hand, in case bulls confirm the pattern to the upside, they will aim at 2.0532 (weekly PP) in the near term, followed by 55/100-hour SMAs at 2.0590/2.0610. Daily technical indicators are in turn sharing bullish views on this currency pair.

© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.